News

Title
Wentworth Institute of Technology
How to Unlock Additional Savings if You’re a Go-it-Alone Self-Insured Healthcare Purchaser
Apr 14

Wentworth Institute of Technology VP of Finance and Consultant Share Their Advice

Self-insurance wasn’t a novel approach for Wentworth Institute of Technology’s employee health insurance program. They self-funded the program over twenty years ago, well before it became common practice. “Wentworth had been self-insured for many years before joining edHEALTH,” said Wentworth’s Vice President of Finance and CFO, Bob Totino. “This arrangement saves the school from paying profits on top of claims to the health insurance administrators."

Bob Totino

On average, compensation and benefits make up 60% of higher education budgets and fiscal departments are keen to find new solutions for reining in costs. "Wentworth Institute of Technology discovered edHEALTH through our participation in The New England Educators Insurance Association (NEEIA), a group of seven private higher educational institutions that collaborated to improve the cost, availability, and service of workers compensation and other employee insurance benefits," said Bob. The school and 21 other colleges and universities provided seed money to create a group purchasing coalition —Educators Health (edHEALTH) — to tackle rising healthcare costs.

When Wentworth became a member-owner of edHEALTH, it had 328 subscribers, which was a small risk pool. Joining edHEALTH helped the school leverage a bigger group’s purchasing power. "Moving from our own self-insured arrangement to the edHEALTH self-insured arrangement provided economies of scale on administrative and stop-loss costs," said Bob.

Sue Shillue

“By being part of a collaborative, Wentworth reduced its fixed costs, which account for approximately 10% of overall healthcare spending,” said Sue Shillue, President of Cook & Company Insurance Services, Inc., Wentworth’s advisor. “edHEALTH also negotiated a strong prescription drug carve-out contract, which has generated additional savings.”

Wentworth has enjoyed only one rate increase since joining edHEALTH in 2014. “The claims are the claims, but Wentworth’s administrative costs have decreased dramatically since becoming a member of edHEALTH,” said Sue. “When we were evaluating the edHEALTH option for Wentworth, it was clear that joining was in the best interest of our client.”

I Would Like to Learn More

First Annual Strategic Reviews are Informative and Help Set Stage for Future Initiatives

Aug 4
Strategic Review

In the spring, edHEALTH initiated its first ever annual strategic reviews with our first 13 member schools. These meetings gave edHEALTH, each school, and th...

Continue Reading

COVID Vaccine Informational Videos for Your Employees

Aug 4
COVID Vaccine Videos

Share with Faculty and Staff to Help Overcome Vaccine HesitancyDistribute these helpful videos from the National Alliance of Healthcare Purchasers Coalition ...

Continue Reading

Almost 580 Faculty and Staff Step it Up for Four-Week Walking Challenge

Aug 9
2021 edHEALTH Walking Challenge

Clark University Tops Highest Step School RankingsAlmost 580 faculty and staff from 17 colleges, universities, and secondary schools participated in this yea...

Continue Reading

5 Reasons Clinical Intervention Program Works: No Costs for Member Schools

Sep 13
Population health

According to a recent report from PricewaterhouseCoopers' Health Research Institute, medical costs will increase on average 6.5% in 2022. The report cites pa...

Continue Reading

Tracy Hassett Selected to Chair Search Committee for President of Vermont Captive Insurance Association

Oct 20
VCIA logo

Educators Health Exchange President, Tracy Hassett, is chairing the committee to identify the next president of the Vermont Captive Insurance Association (VC...

Continue Reading

Member-Owner Meeting Helps Focus on Pain Points and Opportunities

Oct 20
2021 Member-Owner Meeting

Which strategic initiatives should edHEALTH and its member schools focus on? This year’s member-owner meeting helped to guide those discussions. Almost 100 m...

Continue Reading

What’s Next for Harvard Pilgrim Health Care and Tufts Health Plan Merger? Vice President Patrick Cahill Shares Update

Oct 20
Point32Health logo

This year’s member-owner meeting included a presentation from Point32Health’s Vice President of the Massachusetts Market, Patrick Cahill, on the Harvard Pilg...

Continue Reading

Move to Self-Insurance Improves Control and Cost Transparency for Holy Cross — Joins edHEALTH Effective January 1, 2022

Oct 20
College of the Holy Cross

The College of Holy Cross began its search for a new employee healthcare benefit provider last spring when Fallon Health, their longtime carrier, announced t...

Continue Reading

October 2021 Newsletter

Oct 21
Harvest Vegetables

Find out:How moving to self-insurance and edHEALTH will benefit the College of Holy CrossWhy employers must focus on employee mental healthWhat’s next for th...

Continue Reading

Share-it Employee Engagement Communications

Jun 23
edHEALTH employee engagement share-it communications

edHEALTH provides share-it employee engagement communications to help member school employees navigate and maximize their healthcare benefits. Check out thes...

Continue Reading

3 Steps to Find Out Whether the edHEALTH Employee Health Benefits Solution Will Save Your School Money

May 13
Nancy McConaghy

There’s new urgency in finding ways to cut spending at higher education institutions and secondary schools. Compensation and benefits generally comprise at l...

Continue Reading

Advisors Collaborate With edHEALTH Team to Identify Solutions for Their Clients

May 13
Advisors partner with edHEALTH for their clients

Savings Drive Consultant Recommendations to edHEALTHThe primary reason a health insurance consultant recommends edHEALTH to their higher and secondary educat...

Continue Reading
Top shadow

Contact Us

866.692.7473

Contact edHEALTH today for more information.